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Market Report

Denver Industrial Market Report

Midyear 2023

Airport-Adjacent Areas Popular;
Speculative Additions Pressure Tepid Fundamentals

Interstate 70 remains a key target. Despite a 40-basis-point bump in the first quarter of 2023, vacancy in the East Interstate-70-Montbello area remains below the market rate amid notable leasing from retailers, logistics firms and distribution companies. Running along I-70 between Park Hill and Denver International Airport, the submarket is well situated with connectivity west through the Rocky Mountains, and east through Kansas and the Midwest. Major build-to-suit warehouses for Dollar General and FedEx display the area’s continued growth, while notable upcoming move-ins from transportation and manufacturing companies reinforce space absorption later in 2023. A notable count of deliveries in the second half of the year, many of which were unaccounted for as of June, may nevertheless loosen these tight conditions in the near-term. 
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